New to the forum. I started playing online about 6 mths ago. My initial $500 bankroll slowly shrank until I got down to about $50. Although it was not a good time for me I did learn a lot from all that losing. Since then I have turned things around. After a period of breaking even, I started to slowly win some money! Over the last few months things have definately changed for the better. I now win pretty consistently. Playing 2/4 limit and $5/10 NL tourneys, I am now making some $$$. I have gotten my bankroll up to $2000 over the last two months. My question is this; If you win consistently at online poker, do you have to declare the winnings as income with Revenue Canada? I am making two to three hundred bucks a week as of late. Should I be worrying about the taxman?
Try a forum search for the word "tax" and you should find some useful threads.
ScottyZ
__________________
You've been training for this moment your entire life. The universe has been conspiring, if you think about it, to put you right here, right now.<br /><br />Off you go. We're all waiting on you.<br /><br />-from "The Unit" (episode written by David Mamet)
they won't come after ya if you're making $500 a year, they aren't going to notice. plus. i think their isn't tax for winnings in canada..thoughts?
there isn't. Unless you're silly enough to write "online poker player" as your profession. As of now, there are no 'off the top' taxes on any winnings in Canada. If you win $10,000,000 on lotto 6/49 the entire cheque goes into your account.
If you win $10,000,000 on lotto 6/49 the entire cheque goes into your account.
True, since you are talking about lottery in this particular example, rather than another form of gambling.
Payouts from lottery specifically are singled out in the Income Tax Act as non-taxable capital gains. However, tax law for gambling winnings other than lottery is very much a grey area.
Quote:
As of now, there are no 'off the top' taxes on any winnings in Canada.
Putting the word "any" in there makes a huge difference, and it's not clear to me whether or not such a blanket statement is correct.
ScottyZ
__________________
You've been training for this moment your entire life. The universe has been conspiring, if you think about it, to put you right here, right now.<br /><br />Off you go. We're all waiting on you.<br /><br />-from "The Unit" (episode written by David Mamet)
A few years ago there was a guy, from the east coast if I remember correctly but I may be wrong, that was winning regularly on pro-line. It got to the point that he was winning so much they tried to tax his winnings, he fought it and I wish I could remember the outcome as it means there is a precedent, one way or the other.
The arguement, as far I see it is, unless they let you claim your losses they should ignore gambling winnings.
Of course, here is another direct quote from the same case which makes me believe that direct quotes from such cases perhaps should not be taken as precise, truthful, and accurate legal statements.
"John Turmel introduced Mr. Epel to the game of Texas Holding poker and taught him how to play."
I found no relevant cases doing a CanLII search for "pro-line", "proline", or "sport select".
ScottyZ
__________________
You've been training for this moment your entire life. The universe has been conspiring, if you think about it, to put you right here, right now.<br /><br />Off you go. We're all waiting on you.<br /><br />-from "The Unit" (episode written by David Mamet)
A few years ago there was a guy, from the east coast if I remember correctly but I may be wrong, that was winning regularly on pro-line. It got to the point that he was winning so much they tried to tax his winnings, he fought it and I wish I could remember the outcome as it means there is a precedent, one way or the other.
The arguement, as far I see it is, unless they let you claim your losses they should ignore gambling winnings.
Youve said a lot of nothing in many words . Don't answer posts if you don't know wtf you're talking about.
please don't use the word "sick " ..be original...don't be a puppet and copy words from players you watch on tv just so you believe you're actually part of the professional crowd...it makes you look foolish
Youve said a lot of nothing in many words . Don't answer posts if you don't know wtf you're talking about.
Please don't bump threads that have zero relevance to your game Or your life (exampli gratia: poker winnings, impeccable hygiene, wit). It is in poor form.
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if you're making $500 a year, they aren't going to notice. plus. i think their isn't tax for winnings in canada..thoughts?
